Modern Capitalism

Introduction

Recently, during a dinner conversation, my father mentioned receiving numerous phone calls from banks inviting him to invest.

• Without hesitation, I replied that if the world offered free money without work and risk, it was likely a scam disguised as an investment opportunity, designed to benefit the salesperson.

Historically, banks were trusted institutions where people saved money and earned interest.

• However, in recent years, banks have increasingly adopted aggressive marketing tactics.
• For example, after making significant credit card purchases, I frequently receive offers for high-interest loans to repay the debt over several months (e.g. 7.99% interest rate per annum).
• Banks seem to have adopted a predatory lending approach, reminiscent of loan sharks, preying on the financial struggles of consumers.
• This practice is especially concerning given the rising cost of living and the increasing number of people who rely on credit to make ends meet (rather than traditional principle of spending within one's means).

The Monopoly of Capitalism

Even before the widespread adoption of artificial intelligence, humans have been enslaved by capitalism.

• Initially, many innovative products were introduced to address unmet needs or solve existing problems.
• For instance, social media platforms like Facebook, ride-sharing services like Uber, food delivery apps like Food Panda, and streaming services like Netflix offered convenience and affordability.
• These products often started with low prices or discounts to attract users.

However, a sinister plan lurks behind this initial generosity.

• Once a critical mass of users is established, premium plans with various tiers are introduced to recoup the initial investment.
• Subscription models provide a steady stream of revenue, making them attractive to investors.
• Unfortunately, some companies prioritize profit over user experience, offering substandard services or charging for features that were once free.

When consumers attempt to cancel subscriptions, they may encounter complex processes or be offered discounts to retain their business.

• These tactics can make it difficult for individuals to break free from the cycle of recurring payments.

Summary

While we may feel powerless to change the world, it is essential to maintain kindness and empathy towards others, rather than succumbing to selfishness and self-centeredness.

• The pursuit of personal gain should not overshadow our moral obligations.

By understanding the evolving nature of capitalism and the tactics employed by corporations, we can make more informed financial decisions and advocate for ethical business practices.